Assignment Problem: Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.
Jan.15 Purchased and paid for merchandise. The invoice amount was $15,500; assume a perpetual inventory system.Apr.1 Borrowed $790,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.June14 Received a $21,000 customer deposit for services to be performed in the future.July15 Performed $3,650 of the services paid for on June 14.Dec.12 Received electric bill for $26,860. Vigeland plans to pay the bill in early January. 31 Determined wages of $26,000 were earned but not yet paid on December 31 (disregard payroll taxes).
Prepare the adjusting entries required on December 31.
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